Incapacity advocates are pushing federal lawmakers to cross laws earlier than the top of the yr growing asset limits for SSI beneficiaries. (Incapacity Scoop)
Hopes are working excessive that Congress may act to replace asset limits for Supplemental Safety Earnings recipients for the primary time in additional than 30 years.
Incapacity advocates are pressuring lawmakers to incorporate a invoice referred to as the SSI Financial savings Penalty Elimination Act in a broad legislative bundle that’s anticipated earlier than the top of the yr.
Particular person SSI beneficiaries can presently have not more than $2,000 in belongings at any given time in an effort to retain their month-to-month advantages. Married {couples} are restricted to $3,000 below guidelines that haven’t modified for the reason that Nineteen Eighties.
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Nonetheless, below a invoice launched earlier this yr by U.S. Sens. Sherrod Brown, D-Ohio, and Rob Portman, R-Ohio, these limits would improve to $10,000 for people and $20,000 for married {couples} and SSI’s asset limits could be tied to inflation to make sure that they hold tempo sooner or later.
“There’s robust bipartisan help to cease penalizing SSI beneficiaries who’re attempting to avoid wasting for emergencies, and there’s extra momentum to replace SSI than ever earlier than,” Brown’s workplace instructed Incapacity Scoop, including that the senator is working to get the modifications added to any year-end bundle.
One issue that’s serving to to extend lawmakers’ urge for food to handle SSI asset limits, advocates say, is inflation.
“Total, the suggestions from Congress has been constructive,” mentioned David Goldfarb, director of coverage at The Arc. “Notably with inflation, extra persons are delicate to how low the asset limits are and the truth that they haven’t been up to date since 1989.”
With prices for meals and different requirements hovering, month-to-month SSI advantages are set to rise subsequent yr by 8.7%, the most important improve since 1981. Nonetheless, that can carry the utmost federal SSI profit for people to simply $914 per thirty days. And, with none adjustment to the present asset caps, folks with disabilities who depend on SSI will stay hampered, in keeping with advocates.
“Elevating SSI’s asset limits is lengthy overdue,” Goldfarb mentioned. “The cap of $2,000 for people and $3,000 for {couples} is a serious obstacle to making sure high quality of life and traps folks in poverty.”
Goldfarb mentioned he expects that prospects for elevating the asset restrict will hinge on the ultimate outcomes from the election earlier this week and the way large a bundle lawmakers in the end want to cross earlier than the top of the yr.
Greater than 7 million Individuals obtain SSI, a lot of whom have disabilities.
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